Carey and his wife aren't rich. They don't make a lot of money, but they are thoughtful about the money they spend and save. The couple came up with a simple way to save that adds up quickly. It doesn't require opening up a bank account. The strategy doesn't demand a strict budget, balancing the books, or pinching your pockets. All you have to do is be consistent and grab a bucket, jar, or box. Each time the couple has a dollar bill or some loose change, they throw it in the bucket. It's as simple as that.
"My wife and I started doing this about 10 years ago when we first got married," he says. "We hardly had any money and we had to scrimp everything."
The couple starts every November and saves until the next November. They use the extra cash to pat their savings account, pay off medical bills, and to purchase Christmas gifts. This strategy is great if you''re trying to teach kids the importance of saving, but also if you're hoping to save up for something special. Maybe it's a plane ticket, a gift, or a new refrigerator. The idea here is that these dollar bills and loose change are such a small amount of money that you won't really miss it when it's gone. Yet, over time, it really can add up.
Carey and his wife saved $324 in coins and $1,050 in dollar bills, for a total of $1,374. Not too shabby, huh?!
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